More than 10,000 London taxi drivers may have lost their compulsory insurance after their provider went bust this week, a union spokeswoman told Law360 on Thursday, as regulators urged them to stay off the road until they secure alternative cover.
As law firms increasingly operate as businesses, they face a wide range of risks and a demanding regulatory environment, and the fast-approaching European Union data protection regime is one component of the evolving landscape affecting those organizations. Here's why some law firms have hired a chief risk officer to adhere to this upcoming regulation.
Lloyd’s of London ordered its members on Wednesday to stop insuring schemes linked to the National Rifle Association after New York’s financial regulator fined several companies for underwriting NRA-branded cover that protects gun owners who face criminal charges.
A leading insurer of London’s black cabs has gone bust after the Danish financial regulator ordered it to stop operating because it failed to meet minimum capital requirements, leaving the capital’s iconic taxi fleet scrambling for new cover.
A parliamentary body on Wednesday warned that U.K. government plans to modernize the courts and justice system, which will cut 5,000 jobs and slash the number of cases held in courtrooms by 2.4 million by 2023, face funding gaps and further delays.
Engineering giant Rolls-Royce has bucked a wider trend and agreed to keep its defined benefit pension scheme open for current members until January 2024 in a deal affecting 16,000 workers, the company has announced.
Japanese insurance giant Tokio Marine Group said Tuesday that it has won regulatory backing to open a new branch in Luxembourg, as its plans to shift some operations from London in time for Brexit gather pace.
U.K. insurance industry groups released guidelines to deter companies from overcharging longer-term customers on Tuesday, after the Financial Conduct Authority said firms were flouting new regulations that demand transparency when they renew existing policies.
The U.K.’s privacy regulator could be granted greater powers, including forcing businesses to hand over information within 24 hours, as it warned that European rules taking effect this month will not give investigators sufficient scope to check how personal data is stored and shared.
The U.K.’s state-backed terrorism reinsurer could issue a £100 million ($135 million) round of insurance-linked securities in 2019, a senior executive told Law360 on Tuesday, in a major test of new regulations devised to help Britain crack the lucrative trade.
Standard Life Aberdeen said Tuesday it is fighting back after Lloyds Banking Group terminated an agreement for the investment company to manage £109 billion ($147.6 billion) worth of assets, claiming the bank had no right to end the lucrative contract.
The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.
The European Union’s top financial supervisors said on Friday that they are looking to extend special clearing reliefs currently granted to covered bonds to securitizations identified as “simple, transparent and standardized.”
A Danish court ruled on Friday that a group of 20 insurers including Zurich and AIG do not have to pay $470 million over damage to a North Sea oil rig, following nearly a decade of legal action, a lawyer for the insurers told Law360.
Two brothers who defrauded more than 200 victims out of £17 million ($23 million) of pension savings using their financial companies in a "high-risk investment scheme akin to a roulette wheel" have been sent to prison for 11 years, police have said.
International law firm Simmons & Simmons LLP said its Dublin office is open for business as it plans to welcome 10 partners and 30 extra staff over the next three years, allowing it to continue to serve asset management and investment fund clients after Brexit.
Allianz SE will immediately cease selling cover to power plants fired only by coal and coal mines, and plans to withdraw completely from insuring coal-based businesses by 2040, Europe’s largest insurer said Friday, as part of its effort to meet the demands of the Paris climate accord.
Brexit could provide an opportunity to strengthen domestic and global financial services and insurance markets and improve the flow of capital around the world if the U.K. commits to making its regulation more competitive, a free-market think tank said on Friday.
Two thirds of U.K. insurance brokers are unaware that their senior staff will face tough new accountability rules coming into effect next year and should consider seeking external help, an insurer told Law360 on Thursday.
Hundreds of insurers at Lloyd’s of London will be able to report data more efficiently to U.K. regulators using state-of-the-art insurance technology under a new deal, a firm involved in the project told Law360 on Thursday.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.
This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.
Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.
For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.
This has been a year of critical mass for legal tech and a transformative year for the legal industry as a whole. We also witnessed increased collaboration between legal tech companies and more traditional players, says Nicole Moriniere of Lexoo.
In the final part of this series about the General Data Protection Regulation, attorneys at Gibson Dunn & Crutcher LLP explain the stringent restrictions placed on cross-border data transfers to countries outside of the European Union, various compliance mechanisms and penalties, and potential deviations in implementation among EU member states.
While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
The upcoming divorce between the United Kingdom and the European Union will have ramifications for health, safety and personal injury claims in the U.K., as well as for U.K. residents' access to insurance while traveling in the European Economic Area, says John Hall of Tilly Bailey & Irvine LLP.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.